In a transformative move that reshapes the modern digital media landscape, media industry scion James Murdoch has closed a definitive agreement with Vox Media to take ownership of one of America’s most iconic magazine brands, New York Magazine, along with Vox’s flagship editorial brand and its high-growth podcast network.
The deal marks a pivotal step for 53-year-old James, the younger son of legendary late media magnate Rupert Murdoch, as he builds an independent media portfolio separate from his family’s conservative-leaning legacy. Notably, Rupert Murdoch himself previously owned New York Magazine from 1976 to 1991, adding a layer of full-circle history to this transaction. The acquisition comes less than 12 months after the Murdoch family finalized a succession agreement for the 95-year-old mogul’s global media empire following his passing, which locked in James’ older brother Lachlan Murdoch as the head of conservative cable giant Fox News, fulfilling Rupert’s long-stated succession plan.
Per the terms of the agreement, which is on track to close within the next several weeks, James Murdoch’s private media investment firm Lupa Systems will take control of the three acquired divisions, which collectively make up roughly half of Vox Media’s current business operations. Neither company has publicly disclosed the exact purchase price, but anonymous sources familiar with the negotiations told The New York Times the valuation exceeds $300 million. Following closing, the acquired assets will operate as an independent subsidiary under the Lupa umbrella, retaining the Vox Media name.
The transaction splits Vox Media’s portfolio of digital brands: major properties including Eater, Popsugar, SB Nation, The Dodo, and The Verge will remain under the ownership of the existing Vox Media parent company. Joining New York Magazine in the sale are all of its popular vertical digital publications, including lifestyle and fashion platform The Cut, culture and entertainment outlet Vulture, political news hub Intelligencer, product recommendation site The Strategist, real estate and urban living publication Curbed, and food and dining site Grub Street.
Also included in the acquisition is the Vox Media Podcast Network, home to chart-topping hit shows such as the true crime series *Criminal* and the industry-leading tech and business podcast *Pivot* hosted by Kara Swisher and Scott Galloway. In an official statement, Vox Media noted the podcast network has been the company’s fastest-growing division, and the acquisition will immediately position Lupa Systems as a major top-tier player in the global podcast market.
James Murdoch, who previously served as CEO of 21st Century Fox before resigning from the News Corporation board in 2020 over ideological disagreements about the company’s content and strategic direction, has long been publicly identified with more moderate political views than his father. As part of last year’s family succession deal, James and his two older sisters Prudence MacLeod and Elisabeth Murdoch ceded all claims to control of Fox Corp. in exchange for stock holdings valued at $3.3 billion at the time of the agreement. The resulting trust structure formalized Lachlan Murdoch’s control of Fox Corp. alongside his younger sisters Grace and Chloe.
In his official statement on the new acquisition, James Murdoch emphasized that the purchase aligns with Lupa’s existing investment strategy and core values. “This acquisition aligns well with our existing holdings and investments and reflects both our interest in the forward edge of culture and our deep commitment to ambitious journalism and agenda-setting conversations,” he said. “It will allow us to apply new tools across the businesses we are building, adding substantial production, distribution, and editorial capability to our group.”
Leadership continuity is planned for the newly formed subsidiary: current Vox Media Chairman and CEO Jim Bankoff will retain his role, stepping in as CEO of the new standalone Vox Media subsidiary once the deal closes. “We are incredibly proud to have built and scaled several of the leading media properties of this generation,” Bankoff said in a statement. “Together under Lupa’s stewardship we are primed to be the best home for talent and the most dynamic media company of this new era.”
David Haskell, editor-in-chief of New York Magazine, informed subscribers in an email that Lupa Systems will become the magazine’s sixth owner since 1968. In the note, he reaffirmed the publication’s commitment to independent reporting. “We will continue with the fearless, independent journalism that you expect from us,” Haskell wrote. “We will continue to create news cycles, start conversations, contribute to the most important debates in politics and society, identify and explore what’s most interesting in contemporary culture, and always do our best to challenge our readers, surprise them, and help them make sense of the modern world.”